What software are you referring to? If it the tax submission on hmrc site? If so then there should be no issue here. This person is not the only person who will submit a return with nil tax from an employment.
All sounds fine in theory. Note the dividend allowance will reduce to £2k after this year. Have you thought about financing the properties? Can be harder to get mortgage via limited.
No he can't take salary of 8k not subject to tax. Why would you ask this? Also not sure what you are asking or trying to achieve re the last part. The answer is no too. If he's a higher rate payer from other employment then perhaps best you leave profit in company until such time it is more tax efficient to extract.
Or you could do it as part of the annual meeting. Remember that even under the 1998 act you are obliged to regularly check the details held are accurate etc. Best to safe with this one.
Have you received the activation code, from hmrc and activated? It won't work until this is done. In the meantime you could use hmrc basic tools to pay and avoid any more delays.
A lot of questions here, you need to engage an accountant to help you as there is scope to get into a mess here. In short
1) yes
2) reclassification
3) yes
4) unrealised gains or losses
5) gross up on pl
6) credit income debit cost of inv
7) fair value = price per unit x no of units held
8) depends on how you have dealt with tax on gains to this point
9) yes
This is correct yes. Surely however (without knowing the amounts) over long run its cheaper to buy and capitalise, as all you are saving is the rate of tax?
This situation is so messed up and actually does not make much sense.. Couple Of points....this is not property income but trading income, you can't decide that you don't want to be self employed as this is dependent on whether a trade is being carried on and re nic it depends on how much you are talking about. Nonetheless this accountant is completely inept by the sounds of it. Tell your friend to get a CA to sort this mess out.
This situation is so messed up and actually does not make much sense.. Couple Of points....this is not property income but trading income, you can't decide that you don't want to be self employed as this is dependent on whether a trade is being carried on and re nic it depends on how much you are talking about. Nonetheless this accountant is completely inept by the sounds of it. Tell your friend to get a CA to sort this mess out.
My answers
What software are you referring to? If it the tax submission on hmrc site? If so then there should be no issue here. This person is not the only person who will submit a return with nil tax from an employment.
All sounds fine in theory. Note the dividend allowance will reduce to £2k after this year. Have you thought about financing the properties? Can be harder to get mortgage via limited.
No he can't take salary of 8k not subject to tax. Why would you ask this? Also not sure what you are asking or trying to achieve re the last part. The answer is no too. If he's a higher rate payer from other employment then perhaps best you leave profit in company until such time it is more tax efficient to extract.
Or you could do it as part of the annual meeting. Remember that even under the 1998 act you are obliged to regularly check the details held are accurate etc. Best to safe with this one.
Have you received the activation code, from hmrc and activated? It won't work until this is done. In the meantime you could use hmrc basic tools to pay and avoid any more delays.
https://www.accountingweb.co.uk/any-answers/food-for-subcontractors-whil...
Try that. I think breakfast and dinner are fine but lunch not as the cost is not incidental to Working away
A lot of questions here, you need to engage an accountant to help you as there is scope to get into a mess here. In short
1) yes
2) reclassification
3) yes
4) unrealised gains or losses
5) gross up on pl
6) credit income debit cost of inv
7) fair value = price per unit x no of units held
8) depends on how you have dealt with tax on gains to this point
9) yes
This is correct yes. Surely however (without knowing the amounts) over long run its cheaper to buy and capitalise, as all you are saving is the rate of tax?
This situation is so messed up and actually does not make much sense.. Couple Of points....this is not property income but trading income, you can't decide that you don't want to be self employed as this is dependent on whether a trade is being carried on and re nic it depends on how much you are talking about. Nonetheless this accountant is completely inept by the sounds of it. Tell your friend to get a CA to sort this mess out.
This situation is so messed up and actually does not make much sense.. Couple Of points....this is not property income but trading income, you can't decide that you don't want to be self employed as this is dependent on whether a trade is being carried on and re nic it depends on how much you are talking about. Nonetheless this accountant is completely inept by the sounds of it. Tell your friend to get a CA to sort this mess out.